Question

In: Economics

how did Covid-19's affect the international trade? 100-150 word essay

how did Covid-19's affect the international trade? 100-150 word essay

Solutions

Expert Solution

The affect of COVID-19 on international trade can be summarized under following points:

  1. International trade will fall between 13% to 32% in the year 2020.
  2. The exports from Asia and North America are hit hardest.
  3. The services trade is worst hit.
  4. The tourism industry has seen a nose dive.
  5. Supply chain are also affected.
  6. Recovery in trade is expected in 2021.


Explanation:

The international trade is severely hit due to COVID-19 and the global economy is facing unexpected challenges. The entire world is facing a tough time - both socially and economically. The affect of COVID-19 on international trade can be summarized under following points:

  1. WTO has predicted that the international trade will fall between 13% to 32% in the year 2020.
  2. The exports from Asia and North America are hit hardest and are facing a double digit decline.
  3. The services trade is worst hit with a decline in the transport and travel requirements.
  4. The tourism industry has seen a nose dive specially in Pan American countries. Tourism is the main source of GDP in these countries which has shown a sharp decline.
  5. Supply chain are also affected as they need additional health an safety precautions.
  6. Recovery in trade is expected in 2021, but it will depend on the outbreak duration and the policies that will be formulated.

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